Lotus chose to spend cash on car rather than pay Kimi Raikkonen

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Updated 1247 GMT (2047 HKT) September 25, 2013

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Photos:The 'Ice Man' of F1

Ferrari fireworks? – Ferrari will pit two world champions against each other in 2014 as Kimi Raikkonen (left) returns to join Fernando Alonso. The pairing could be one of the most sensational in the history of Formula One.

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Photos:The 'Ice Man' of F1

Flying Finn – Raikkonen's high-flying F1 career began in 2001 with Sauber. Here the team treats him to a ride with the Royal Australian Air Force before his debut in the Australian Grand Prix.

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Photos:The 'Ice Man' of F1

Class of 2001 – Raikkonen (left) was one of many talented drivers making their F1 debut in 2001, along with future McLaren teammate Juan Pablo Montoya and Alonso (right).

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Photos:The 'Ice Man' of F1

Malaysian maiden – Raikkonen celebrates his maiden grand prix win in Malaysia in 2003. He had moved to McLaren, where he would spend five years, twice finishing as runner-up in the drivers' championship.

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Photos:The 'Ice Man' of F1

Race of champions – After joining Ferrari, Raikkonen won a dramatic Brazilian Grand Prix to seize the 2007 title by a single point from his McLaren rivals Lewis Hamilton and Alonso.

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Photos:The 'Ice Man' of F1

Ferrari party fizzles out – Raikkonen celebrated his title with Ferrari but two years later the Italian team chose to stick with Felipe Massa as it juggled its lineup. The team ended the Finn's contract in order to bring in Alonso, a double world champion with Renault, for 2010.

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Rally run – Raikkonen quit F1 in 2009 after losing his Ferrari seat, and spent two years tinkering with a different breed of cars in the World Rally Championship.

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Photos:The 'Ice Man' of F1

Laconic Lotus man – After a two-year hiatus, Raikkonen returned to F1 with the rebranded Lotus team, formerly Renault. As well as winning two races, the 33-year-old has won new fans with his laidback style.

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The car's the star – Following Raikkonen's decision to leave Lotus in 2013, the team revealed it had chosen to spend its money on developing the car rather than paying the Finn's wages.

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Story highlights

The Lotus Formula One team says it prioritizes spending on developing the car

Driver Kimi Raikkonen is leaving Lotus at the end of 2013 because he was not paid

Lotus is financed by investment company Genii Capital, which loans the team the money

The team is looking for a lucrative title sponsor for the 2014 season

When it comes to deciding where the money goes, the Lotus Formula One team says its main priority is the car -- not the star driver who sits in the cockpit.

Kimi Raikkonen said last week that he decided to leave it and rejoin Ferrari for the 2014 season because Lotus "haven't got my salary."

But the team, owned by Luxembourg-based investment group Genii Capital, has now responded by explaining that it prefers to focus its finances on developing the car, even if it means seeing their driving talent walk away.

Raikkonen has posted Lotus' only victory this year, with himself and the team both fourth in the respective driver and constructor standings.

"Our suppliers and key people who develop the car were our priority -- maybe not Kimi," Lotus team principal Eric Boullier told the official F1 website.

"Kimi was in a similar position last year and it was all settled by the end of the year. And Genii had the plan to do the same this year.

"It is public knowledge by now that we've been late in paying him, and he got upset.

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"To manage the cash flow -- and I don't mean the money itself or the budget we have, which is guaranteed by Genii, or at least most of it as we don't have the revenue stream to allow us to live independently from Genii -- this cash flow is an issue if you have fixed costs and want to keep up the development level.

"You have to decide where you want to spend your money."

Genii Capital took full control of the team -- which has raced in F1 since 1981 under its previous guises Toleman, Benetton and Renault -- from previous owner Renault in 2011.

Ownership by a private investment company, instead of car manufacturers such as Mercedes and Fiat, which owns Ferrari, or a global company such as Red Bull, can provide a more risky financial backdrop for an F1 team.

But Boullier says that Lotus' alternative business model does not mean it is mired in a financial crisis, as the rumors circulating in the sport would suggest.

"Red Bull or Mercedes, those companies are sponsoring the teams," said Boullier, whose driver management company Gravity also has connections to Genii. "Genii has a different strategy: they loan the money.

"It is part of the strategy that partners join the team and Genii will get back their investment.

"Seventy-five percent of the debt Lotus has comes from Genii. They could write it off tomorrow by saying this money is a sponsorship -- and then our debt would be drastically reduced. Our normal debt is similar to most of the other teams."